1804 Hickory Ave · Panama City, FL 32405

$155,000

2 bd · 1.0 ba · 792 sqft · SingleFamily public records · 65 Days on market

Built 1940 9,240 sqft lot $196/sqft · at area comps Est $149k · at est.

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +21.2/30.0
• DSCR +6.8/10.0
• ARV discount +5.7/15.0
• 1% rule +5.0/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home at 1804 Hickory Ave in Panama City, Florida, is located in the historic St. Andrews district with the beautiful St. Andrews Bay a short drive away. This is a GREAT INVESTMENT OPPORTUNITY or to live in while you work on making improvements. This 2-bedroom, 1-bath home is being sold AS-IS, with strong potential for renovation with several big-ticket components already updated, including the roof, double-pane windows, new back door, electrical, HVAC system, water heater, appliances, and kitchen and bath fixtures. The property will require some exterior improvements and general cosmetic finishing inside. The spacious lot includes a large backyard area with remaining debris from prior outbuildings lost during Hurricane Michael; buyer to assume responsibility for cleanup. Available for Cash or Conventional financing, with potential options for an FHA renovation loan. Please inquire for additional info on loan programs. Schedule your showing today, and see how you can give this house the TLC it deserves! All measurements approximate; buyer to verify if important.

Key facts

• Updated appliances
• Updated hvac system
• Updated water heater

Tags

• UPDATED ROOF
• UPDATED HVAC SYSTEM
• UPDATED WATER HEATER
• UPDATED APPLIANCES
• LARGE BACKYARD AREA
• GENEROUSLY SIZED PARCEL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $225 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $146k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 4.7% in Panama City — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#350 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Bay (suburban): math 51% / reading 51% proficiency, ranked #29 of 73 in FL (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.2%/yr); 381 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Bay County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $110k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,700 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.00% ✓
• Cap rate: 8.04%
• Cash-on-cash: 6.23%
• DSCR: 1.28
• GRM: 8.3

CMA / ARV

• ARV (median comp): $148,991
• List price: $155,000
• Delta: 4.03%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1804 Hickory Ave	0.00mi	2/1.0	792 (0%)	0mo	$94,998	$120	100
1603 Arthur Ave	0.28mi	2/1.0	816 (+3%)	5mo	$190,000	$233	78
2602 W 21st St	0.31mi	2/1.0	864 (+9%)	1mo	$110,000	$127	70
1604 Drake Ave	0.25mi	3/2.0 (+1)	768 (-3%)	7mo	$125,000	$163	68
1813 Hickory Ave	0.06mi	2/2.0	894 (+13%)	12mo	$170,000	$190	62
2018 Clay Ave Ave	0.37mi	3/1.0 (+1)	840 (+6%)	12mo	$59,000	$70	58
1705 Cincinnati Ave	0.42mi	2/1.0	700 (-12%)	7mo	$140,000	$200	55
1400 Clay Ave	0.58mi	2/1.0	825 (+4%)	14mo	$179,900	$218	54
3009 W 20th Ct	0.43mi	2/1.0	902 (+14%)	8mo	$190,000	$211	50
3114 W 21st Ct	0.59mi	3/1.0 (+1)	902 (+14%)	13mo	$155,000	$172	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.24% rent growth · sell at horizon

5-year hold

• IRR: -8.6%
• Equity multiple: 0.69×
• Total profit: $-13,485
• Equity at exit: $23,111

10-year hold

• IRR: -1.5%
• Equity multiple: 0.91×
• Total profit: $-4,042
• Equity at exit: $13,402

Cash invested: $43,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32405

• Rents YoY: 1.2%
• Active inventory: 381
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,552 high
• Mortgage (P&I): −$813
• Tax from tax record: −$123 /mo · $1,482/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $225

Break-even live

Break-even rent $1,267

Max offer price $155,000

Occupancy floor 80%

Sensitivity live

Price	-10% $313	-5% $269	+0% $225	+5% $181	+10% $138
Rent	-10% $103	-5% $164	+0% $225	+5% $287	+10% $348
Rate	-1.0pp $303	-0.5pp $265	base $225	+0.5pp $185	+1.0pp $144

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1804 Arthur Ave Panama City, FL	3.0	1.5	1044	$1,795	$1.72	22d	1	0.13mi
1301 Frankford Ave Apt B104 Panama City, FL	2.0	1.0	780	$1,000	$1.28	14d	1	0.67mi
3722 Burnham Way Panama City, FL	3.0	2.0	1040	$1,600	$1.54	22d	1	0.82mi
4105 W 22nd St Unit 4105 Panama City, FL	3.0	2.0	1000	$1,395	$1.40	22d	1	1.09mi
2100 W Beach Dr Unit F102 Panama City, FL	2.0	1.0	970	$1,700	$1.75	22d	1	1.09mi
4455 W 19th St #17 Panama City, FL	2.0	1.5	1104	$1,400	$1.27	22d	1	1.27mi
4324 W 20th St Panama City, FL	1.0–3.0	1.0–2.5	1000	$1,382	$1.38	14d	12	1.34mi
901 W 19th St Panama City, FL	1.0–2.0	1.0–2.0	787	$1,168	$1.48	22d	5	1.42mi

Listing history 14 events

1. 2026-06-03
   status $155,000 Pending 65 DOM
2. 2026-06-02
   statusdays on market $155,000 Active 65 DOM
3. 2026-04-12
   status Active 1082-char remark

   Show marketing remark (1082 chars)

   This home at 1804 Hickory Ave in Panama City, Florida, is located in the historic St. Andrews district with the beautiful St. Andrews Bay a short drive away. This is a GREAT INVESTMENT OPPORTUNITY or to live in while you work on making improvements. This 2-bedroom, 1-bath home is being sold AS-IS, with strong potential for renovation with several big-ticket components already updated, including the roof, double-pane windows, new back door, electrical, HVAC system, water heater, appliances, and kitchen and bath fixtures. The property will require some exterior improvements and general cosmetic finishing inside. The spacious lot includes a large backyard area with remaining debris from prior outbuildings lost during Hurricane Michael; buyer to assume responsibility for cleanup. Available for Cash or Conventional financing, with potential options for an FHA renovation loan. Please inquire for additional info on loan programs. Schedule your showing today, and see how you can give this house the TLC it deserves! All measurements approximate; buyer to verify if important.

4. 2026-03-23
   status Pending 1082-char remark

   Show marketing remark (1082 chars)

   This home at 1804 Hickory Ave in Panama City, Florida, is located in the historic St. Andrews district with the beautiful St. Andrews Bay a short drive away. This is a GREAT INVESTMENT OPPORTUNITY or to live in while you work on making improvements. This 2-bedroom, 1-bath home is being sold AS-IS, with strong potential for renovation with several big-ticket components already updated, including the roof, double-pane windows, new back door, electrical, HVAC system, water heater, appliances, and kitchen and bath fixtures. The property will require some exterior improvements and general cosmetic finishing inside. The spacious lot includes a large backyard area with remaining debris from prior outbuildings lost during Hurricane Michael; buyer to assume responsibility for cleanup. Available for Cash or Conventional financing, with potential options for an FHA renovation loan. Please inquire for additional info on loan programs. Schedule your showing today, and see how you can give this house the TLC it deserves! All measurements approximate; buyer to verify if important.

5. 2026-03-20
   status Active 1082-char remark

   Show marketing remark (1082 chars)

   This home at 1804 Hickory Ave in Panama City, Florida, is located in the historic St. Andrews district with the beautiful St. Andrews Bay a short drive away. This is a GREAT INVESTMENT OPPORTUNITY or to live in while you work on making improvements. This 2-bedroom, 1-bath home is being sold AS-IS, with strong potential for renovation with several big-ticket components already updated, including the roof, double-pane windows, new back door, electrical, HVAC system, water heater, appliances, and kitchen and bath fixtures. The property will require some exterior improvements and general cosmetic finishing inside. The spacious lot includes a large backyard area with remaining debris from prior outbuildings lost during Hurricane Michael; buyer to assume responsibility for cleanup. Available for Cash or Conventional financing, with potential options for an FHA renovation loan. Please inquire for additional info on loan programs. Schedule your showing today, and see how you can give this house the TLC it deserves! All measurements approximate; buyer to verify if important.

6. 2026-03-17
   status Pending 1082-char remark

   Show marketing remark (1082 chars)

   This home at 1804 Hickory Ave in Panama City, Florida, is located in the historic St. Andrews district with the beautiful St. Andrews Bay a short drive away. This is a GREAT INVESTMENT OPPORTUNITY or to live in while you work on making improvements. This 2-bedroom, 1-bath home is being sold AS-IS, with strong potential for renovation with several big-ticket components already updated, including the roof, double-pane windows, new back door, electrical, HVAC system, water heater, appliances, and kitchen and bath fixtures. The property will require some exterior improvements and general cosmetic finishing inside. The spacious lot includes a large backyard area with remaining debris from prior outbuildings lost during Hurricane Michael; buyer to assume responsibility for cleanup. Available for Cash or Conventional financing, with potential options for an FHA renovation loan. Please inquire for additional info on loan programs. Schedule your showing today, and see how you can give this house the TLC it deserves! All measurements approximate; buyer to verify if important.

7. 2026-03-13
   status Active 1082-char remark

   Show marketing remark (1082 chars)

   This home at 1804 Hickory Ave in Panama City, Florida, is located in the historic St. Andrews district with the beautiful St. Andrews Bay a short drive away. This is a GREAT INVESTMENT OPPORTUNITY or to live in while you work on making improvements. This 2-bedroom, 1-bath home is being sold AS-IS, with strong potential for renovation with several big-ticket components already updated, including the roof, double-pane windows, new back door, electrical, HVAC system, water heater, appliances, and kitchen and bath fixtures. The property will require some exterior improvements and general cosmetic finishing inside. The spacious lot includes a large backyard area with remaining debris from prior outbuildings lost during Hurricane Michael; buyer to assume responsibility for cleanup. Available for Cash or Conventional financing, with potential options for an FHA renovation loan. Please inquire for additional info on loan programs. Schedule your showing today, and see how you can give this house the TLC it deserves! All measurements approximate; buyer to verify if important.

8. 2026-03-13
   status Pending 1082-char remark

   Show marketing remark (1082 chars)

   This home at 1804 Hickory Ave in Panama City, Florida, is located in the historic St. Andrews district with the beautiful St. Andrews Bay a short drive away. This is a GREAT INVESTMENT OPPORTUNITY or to live in while you work on making improvements. This 2-bedroom, 1-bath home is being sold AS-IS, with strong potential for renovation with several big-ticket components already updated, including the roof, double-pane windows, new back door, electrical, HVAC system, water heater, appliances, and kitchen and bath fixtures. The property will require some exterior improvements and general cosmetic finishing inside. The spacious lot includes a large backyard area with remaining debris from prior outbuildings lost during Hurricane Michael; buyer to assume responsibility for cleanup. Available for Cash or Conventional financing, with potential options for an FHA renovation loan. Please inquire for additional info on loan programs. Schedule your showing today, and see how you can give this house the TLC it deserves! All measurements approximate; buyer to verify if important.

9. 2026-03-02
   listed $155,000 Active 1082-char remark

   Show marketing remark (1082 chars)

   This home at 1804 Hickory Ave in Panama City, Florida, is located in the historic St. Andrews district with the beautiful St. Andrews Bay a short drive away. This is a GREAT INVESTMENT OPPORTUNITY or to live in while you work on making improvements. This 2-bedroom, 1-bath home is being sold AS-IS, with strong potential for renovation with several big-ticket components already updated, including the roof, double-pane windows, new back door, electrical, HVAC system, water heater, appliances, and kitchen and bath fixtures. The property will require some exterior improvements and general cosmetic finishing inside. The spacious lot includes a large backyard area with remaining debris from prior outbuildings lost during Hurricane Michael; buyer to assume responsibility for cleanup. Available for Cash or Conventional financing, with potential options for an FHA renovation loan. Please inquire for additional info on loan programs. Schedule your showing today, and see how you can give this house the TLC it deserves! All measurements approximate; buyer to verify if important.

10. 2021-12-14
    historical
11. 2010-04-10
    listed $89,900
12. 2006-02-14
    soldstatus $110,000
13. 2002-07-23
    soldstatus $33,300
14. 2000-01-28
    soldstatus $82,600

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $1,482 · $123/mo
• Projected year-2 tax: $1,482 · $123/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,626
• − Mortgage interest: −$8,682
• − Property taxes: −$1,482
• − Insurance: −$775
• − Repairs & maintenance: −$1,490
• − Management: −$1,490
• − Depreciation: −$4,509
• Taxable income: $198
• Est. tax owed @ 24.0%: −$48
• After-tax cash flow: $2,657/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Bay
• NCES district ID: 1200090
• Math proficiency: 51% ▼ -8.00%
• Reading proficiency: 51% ▼ -7.00%
• Median HH income: $47,740
• Composite: 43.41/100
• National rank: #3014
• State rank: #29 of 73 in FL

Livability — Panama City

• Score: 72/100
• State rank: #350
• US rank: #5823

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Panama City, FL
• County: Bay County · 163,593 people
• City population: 91,445
• Metro: Panama City, FL
• Population (ZIP): 29,984
• Household income: $73,373
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 1008.0

Population outlook (Bay County) Hauer SSP2

• Today (2025): 206,264 people
• By 2030: 217,740 · +5.6%
• By 2040: 238,738 · +15.7%
• By 2050: 255,545 · +23.9%
• By 2075: 288,295 · +39.8%
• By 2100: 288,638 · +39.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 17% Two or more races 8% Hispanic / Latino 7% Native American 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Slovak 4% Lithuanian 2% Romanian 2%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 6% Arabic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Bay

• 2024 margin: Solid R (+47.4) · D 25.8% · R 73.1% · Other 1.1%
• 2008→2024 swing: -6.6pp toward R · 2008: -40.7pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+43.5 2016: R+46.3 2012: R+43.6 2008: R+40.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -217.88%
• Current HPI: 262.7854
• Rent YoY: ▲ 1.24%
• Metro: Panama City, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+87.7% since first listed

12 events — show timeline

• 2026-04-12 Relisted — CPARMLS
• 2026-03-23 Pending — CPARMLS
• 2026-03-20 Relisted — CPARMLS
• 2026-03-17 Pending — CPARMLS
• 2026-03-13 Relisted — CPARMLS
• 2026-03-13 Pending — CPARMLS
• 2026-03-02 Listed $155,000 CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2010-04-10 Listed $89,900 CPARMLS
• 2006-02-14 Sold (Public Records) $110,000 Public Records
• 2002-07-23 Sold (Public Records) $33,300 Public Records
• 2000-01-28 Sold (Public Records) $82,600 Public Records

Property tax history

+7.1%/yr

Latest (2025): $1,482 · +8.2% YoY. Source: county tax records.